Europe closes lower on Asian markets' shockwaves

Monday, 20. September 2021 17:31

Major European stock markets closed lower on Monday after the Chinese developer Evergrande found itself on the brink of a collapse and sent shockwaves through global equities. Additionally, gas shortages in Europe weighed the markets down as the British government considered emergency state-backed loans to energy suppliers.

The German stock index DAX expanded by 10 companies bringing diversification to its portfolio. Meanwhile, ECB's Isabel Schnabel stated that asset purchases both under the Pandemic emergency purchase program (PEPP) and the Asset purchase program (APP) remain crucial in the post-pandemic future.

The DAX closed with 2.31% in the red led by Deutsche Bank falling by 7.65%. The FTSE 100 dropped by 0.86% as Prudential PLC plunged by 8.37%, while the CAC 40 lost 1.74% with ArcelorMittal declining by 8.03%. The euro advanced by 0.09% against the dollar to sell for $1.17350 at 5:34 pm CET, at the same time the British pound slid by 0.47% exchanging hands for $1.36724.

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Breaking the News / LH